IDA13. IDA, Grants and the Structure of Official Development Assistance

Size: px
Start display at page:

Download "IDA13. IDA, Grants and the Structure of Official Development Assistance"

Transcription

1 IDA13 IDA, Grants and the Structure of Official Development Assistance International Development Association January 2002

2 IDA, Grants, and the Structure of Official Development Assistance I. Background 1. Subsequent to the Asian financial crisis there has been considerable debate about the effectiveness of the international financial architecture, including with respect to its ability to provide appropriate financing to emerging market countries. Given the enormous development challenges facing low income countries -- which have been made even more difficult by the impact of the global slowdown and the aftermath of September 11 and the subsequent declines in commodity prices and tourism -- this debate is now being extended to include official development finance, which is the most important source of the external financing for these countries. The current IDA13 replenishment discussions, the forthcoming Financing for Development conference and the renewed international attention to levels and priorities of aid are welcome instances of this broadened debate. The IDA13 discussions have reached consensus on a strong basic replenishment of SDR 18.1 billion, or approximately $23 billion. Differences persist, however, on the appropriate level of IDA grant funding within that envelope. In resolving the range of views which exist on this issue, it may be helpful to view IDA within this broader context of the structure of development finance for low-income countries. 2. The purpose of this note is therefore to outline the components of the development finance system and the roles and financial terms of assistance of the major providers of aid (bilateral donors, the UN, EC, regional banks and the Bretton Woods institutions) within this system. 3. The thrust with respect to IDA can be succinctly stated. The concessional arms of the Bretton Woods institutions play a distinctive role in the development finance system, providing a framework for performance and financial and credit discipline which is important for improving the effectiveness of all aid. The character of IDA, alongside that of the PRGF, as a lender on highly concessional terms, is significant for this purpose, and in encouraging a transition of poor countries towards normal credit status. Within this framework, however, IDA needs to deal with intensified development challenges such as conflict, disease and very basic social investment which require not only innovative operational approaches, but greater flexibility, including a carefully defined ability to provide grant financing. II. Overall Structure of Development Assistance 4. Most concessional assistance to developing countries is now provided in the form of grants. During the period two-thirds of total concessional assistance was provided as grants. Within the group of multilateral creditors almost half of concessional assistance to all developing countries was provided as grants (see Table 1 and 2). Institutions that provide assistance primarily in the form of grants are the bilateral donors, the UN and the EU, while

3 - 2 - institutions that provide assistance primarily in the form of highly concessional loans are the World Bank, IMF and the Regional Development Banks Chart 1. Gross Disbursements of Concessional Financing to Developing Countries: Shares of loans and grants (by source of funds, average, %) Percent of Grants Percent of Loans RDBs IDA IMF UN EU Bilaterals * * Includes assistance from DAC countries, available only on commitment basis. Data source: DAC International Development Statistics web site: a) Bilateral Creditors and Donors 5. About three-quarters of bilateral assistance from DAC countries is now being provided in the form of grants (see Table 3) with most bilateral ODA programs at well over 90% grants. Over time the bilateral system (particularly in DAC countries) has moved towards a stronger emphasis on grants, particularly for development projects. Grants have also been the preferred vehicle for specialized and program aid supported by bilaterals (e.g., technical assistance and commodity aid programs). 6. Most bilateral aid is driven by a complex set of historical, political and sometimes commercial motivations alongside broader development and poverty considerations. As a result bilateral assistance to a large extent represents an element of donors foreign policy, and the allocation of this bilateral assistance is generally seen as less performance-driven than that of the Bretton Woods Institutions and the Regional Development Banks -- a view supported by research into aid and performance (Collier, Dollar). 1 strictly speaking some would hold that the IMF does not provide development assistance, but PRGF resources are included in this category.

4 It should be noted, however, that while bilateral donors have shifted over the last two decades to primarily grant funding, they still account for over half of the $22.6 billion in concessional lending to the developing countries. A few bilateral donors have not moved to a primarily grant-funded program, leaving some potential scope for a further increase in grant funding within the overall bilateral aid envelope. b) Multilateral Institutions 8. The assistance provided by multilateral development institutions is relatively evenly split between loans and grants. Underlying these aggregate figures is a more complex differentiation of roles and terms of assistance among these institutions. Multilateral creditors can be seen as four separate categories -- the UN, the European Union, the Bretton Woods Institutions, and the other Multilateral Development Banks with different roles, development objectives and levels of concessionality (see Table 4). 9. Two of these institutions -- the UN and the EU -- provide almost all of their assistance in the form of grants and account for almost all of the grant funding provided by multilaterals. IDA, the IMF and the Regional Development Banks (RDBs) provide almost all of their assistance in the form of concessional loans, and account for almost all of the concessional lending provided by the multilaterals. 10. Assistance by IDA and the regional development banks combined represented a little more than 13% of total ODA commitments (grants plus loans) to developing countries during but accounted for close to 40% of total concessional lending. IDA plays a particularly crucial financial role for many low-income countries, providing a steady level of assistance to developing countries over time for good performers through both project and program support. In many countries IDA has provided the core of external financing for certain sectors, and hence has played a strong long-term financing role. The European Union (EU) 11. The EU provides grant assistance to non-eu developing countries primarily through specific regional or country-based protocols reflecting European commitment to a broad range of external affairs priorities, including trade, investment, development, humanitarian, and strategic programs. With regard to low-income countries, the most significant source of grant funding is the European Development Fund, the aid instrument of the Cotonou Convention between EU member states and the ACP countries, 2/ although recipients in the Balkans, Asia, Latin America, and the FSU also benefit from EU grants. The EU, like the bilaterals, has shifted to grant funding in recent years for its development assistance for the low-income countries. The United Nations (UN) System 12. The UN system provides grants and technical assistance in specialized areas such as humanitarian assistance, sustainable development, protection of women and children, and immunization programs. UN assistance is delivered through an array of specialized agencies and 2/ Africa, Caribbean and Pacific countries.

5 apart from peace-keeping -- tends to be in relatively small amounts and often focussed on technical cooperation and institution building. The UN is often the predominant international organization in providing assistance during a conflict and in the early post-conflict stage. Regional Multilateral Development Banks (RDBs) 13. There are three main regional development banks that play key roles in promoting the development of countries in their regions. These banks -- the African Development Bank, the Inter American Development Bank, and the Asian Development Bank -- function similarly to the World Bank in that they provide highly concessional assistance to the poorest countries for both project financing and budget support, and include performance-based indicators in their allocation formulas. These creditors often depend on the policy work and programs of the IMF and IDA to create the development framework and performance track records on which to base their country programs. The RDBs work closely with the Bretton Woods Institutions to provide the co-financing needed to support the development goals and policy reform efforts of specific countries. Distinct Role of the Bretton Woods Institutions 14. The Bretton Woods institutions play a distinct role in the development finance architecture. Shareholder governments tend to look to these two institutions to take the lead in working with developing countries to design and support a policy, institutional and fiduciary framework that promotes broad-based growth and long-term development. Other donors often view this framework as an important foundation for their own development assistance programs and it is also within this framework that regional development banks play an important financing and development-support role. Furthermore, IDA resources are allocated to countries by a robust performance-based system. This framework of performance-based lending, linked to the discipline of IMF programs, is strongly supported by the shareholders of these institutions and is widely recognized by the international and financial community at large. Financial support from the BW institutions -- particularly policy-based/budget support -- has therefore often been seen by other bilateral and multilateral agencies as providing a signal to initiate or expand assistance programs, and, as countries develop, this becomes a signal to private capital markets as well. Hence IDA plays a special role as an instrument for structural and investment climate reform, alongside PRGF programs focusing on changes on the macroeconomic front. Together the Bretton Woods institutions work to establish a framework that stimulates and promotes the effective use of other financial flows. 15. As creditors, an important function of both the Bank/IDA and the Fund/PRGF is to encourage the creation and maintenance of credit discipline. Although IDA and PRGF lending is concessional, it still requires the acceptance of international obligation, the development of fiscal responsibility and a sound credit culture. Clearly, although market access is some way off for most IDA countries, building a track record becomes an important precursor for eventual participation in capital markets and for integration into the global economy on normal terms. In this respect, the Bank s and Fund s role as concessional lenders is a significant factor.

6 In discharging this concessional lending role, IDA has a very good repayment record. For example, over the last ten years ( ), the total amount of expected repayments from IDA borrowers was $13 billion. Of this total, $0.6 billion or 4% in payments were overdue from IDA countries in non-accrual status -- a ratio which has been relatively steady over the years. As a result, repayment of IDA credits, as the portfolio has grown and matured, has become an increasingly important source of IDA s lending resources, with repayments now financing over 40% of total IDA lending (the bulk of IDA repayments have come not from current IDA-only countries, but from those which have graduated to blend or IBRD status). This self financing aspect of IDA is important to most donors as it reduces the overall demands on donor budgets, and reflects the seriousness with which resources are allocated and recipients view their payment responsibilities. The most important factor to date to affect IDA repayments has been the HIPC Initiative. This Initiative will cut eligible countries IDA debt service payments by 50% or more for up to 20 years. However, since most IDA borrowers are able to meet their IDA debt service obligations and are not candidates for debt relief under this Initiative, HIPC -- when fully implemented by IDA -- will only involve a reduction of about $11 billion or about 13% of IDA s total assets. III. New Development Challenges and the Need for Flexibility 17. Within the broad framework outlined above, there is increasing recognition that many IDA countries (and the development community at large) are confronting new challenges, including promoting development in an environment of conflict, post-conflict and severe social dislocation; addressing the AIDS/HIV epidemic and the rise of other communicable diseases; confronting issues of corruption and supporting improved governance; and redressing long-term social and economic inequities. While most IDA donors have emphasized that it is important that IDA remain primarily a lending institution, it has also been acknowledged that IDA will need greater flexibility, creativity and choice of instruments to address these increasingly complex issues. This flexibility includes an increased capacity to provide selective and focussed grant assistance. 18. Some increase in IDA grant funding would not and should not alter the overall character of IDA, including its role in promoting sound policy performance and providing a signal to other development partners and creditors. Even where provided as grants, IDA assistance should still require strong government commitment, financial management and fiscal responsibility, and grants would be provided as part of an overall envelope of assistance whose size would continue to be based on government performance. Similarly, any IDA grant funding should remain within IDA's overall development framework, and IDA would retain the same focus on performance, growth and equity. 19. IDA management has indicated to IDA Deputies areas where providing assistance on a grant basis would provide valuable flexibility to meet special challenges, while not changing the fundamental nature of IDA. These areas include: Interventions for arresting major social crises such as disease pandemics, or dealing with disasters;

7 - 6 - Areas where there are large social benefits from long-maturing investments (such as capacity building, basic education, health), and where a strong signal effect is needed, especially for disadvantaged or discriminated-against groups; Assistance in post-conflict situations; and Interventions where there are large regional and global externalities. In previous papers for IDA Deputies discussing IDA grants, IDA staff have estimated that the level of grants which might be undertaken to support programs in these areas could total between 10% and 25% of the IDA13 portfolio, depending on absorptive capacity and country performance overall, and specifically in the areas on which grants are focussed. 20. In the discussion of IDA grant funding, two related issues have been raised: does IDA have a role in these areas, and would this substitute for the specialized work of others in these areas. Regarding the issue of IDA's role, it is important to recognize that in many of these areas such as education and health, IDA has been the major source of long term funding -- supporting both specific projects and the development of the policy and institutional framework within which other agencies programs operate. IDA grant funding in these areas would not substitute for the important work of the specialized agencies or bilateral donor programs. Indeed it would be important for IDA to ensure that its involvement in these areas remains complementary to the activities of other agencies. 21. In this context it has also been suggested that IDA grant funding be allocated on a country basis rather than for specific programs, and primarily on the basis of countries debt sustainability. However, while IDA grants would reduce IDA s exposure to future risks of unsustainable debt, the freed-up fiscal space could enable borrowers to substitute lending from other sources. Furthermore, debt sustainability indicators are strongly affected by commodity prices, and hence IDA grants for a portion of the IDA lending portfolio would not in themselves secure sustainability in the face of adverse commodity price movements. As a result, a general consensus has evolved that IDA grant funding should address specific challenges where lending may not be the most appropriate course, rather than be determined on a country basis. There is clearly room, however, to consider focusing grant assistance primarily on the very poorest IDA countries. Conclusion 22. The Bretton Woods institutions play a distinctive role in the architecture of development financing for low-income countries, in particular in providing a framework of performance and financial discipline within which other aid resources can be deployed more productively. The character of Fund/PRGF and World Bank/IDA as concessional lenders is important in that respect. Added grant flexibility for IDA could, appropriately designed, be a valuable development of this role in order to deal with emerging special development challenges, rather than a change in IDA s basic character and mission. In the view of IDA management,

8 - 7 - agreement on a grant capability as indicated above, sharply focussed initially in terms of level and specific problem areas, and subject to careful review going forward, would be a valuable outcome of the IDA13 replenishment.

9 - 8 - Table 1. Structure of Concessional Assistance Commitments ( average) Grant Assistance Non-grant Assistance Total ($ millions) Bilateral 33,026 12,734 45,761 o/w DAC Countries 32,981 12,036 45,017 Non-DAC Countries Multilateral 9,169 9,855 19,024 o/w EC 6, ,066 Other Multilaterals 2,661 9,298 11,958 Total 42,195 22,589 64,785 % of Total 65% 35% 100% Data source: DAC International Development Statistics web site: Table 2. Gross Disbursements of Concessional Financing from Multilaterals to all Developing Countries ( average) Grants Loans Share of Grants (US$ millions) (in percent) IDA 305 5,622 5% * Regional Development Banks 104 2,195 5% African Development Fund % Asian Development Fund 3 1,137 0% Inter American Development Bank % EC 6,041 1,540 80% UN Agencies 2, % IMF Other Multilaterals % Total 9,403 10,355 48% Data source: World Bank DECPG. * Entirely consists of HIPC debt relief grants under the original HIPC framework for Uganda and Mozambique. NB: The statistics in Tables 1 and 2 tend to overstate EU, UN and bilateral flows relative to IDA, since these agencies provide assistance to all developing countries and not just to IDA eligible countries.

10 - 9 - Table 3. Grant Share of ODA Provided by DAC Countries (Commitment basis) Country Australia 100% 100% Canada 100% 100% Denmark 100% 100% Ireland 100% 100% Luxembourg 100% 100% Netherlands 100% 100% New Zealand 100% 100% Switzerland 100% 100% Sweden 100% 100% Norway 99% 99% United States 98% 97% Greece 98% N/A Belgium 97% 97% Finland 97% 99% Portugal 96% 88% United Kingdom 92% 94% Italy 91% 81% France 80% 79% Spain 77% 61% Germany 75% 80% Austria 67% 80% Japan 39% 35% DAC Countries Total 76% 73% Data source: DAC International Development Statistics web site:

11 Tabel 4. Composition and Terms of Concessional Lending from Major Multilateral Institutions, Average Terms of New Commitments in / Debt Outstanding Grant element using Amount Share of total Interest Rate or discount rate of 2/ Service Charge Maturity Grace 10% CIRRs 3/ (In billion of US dollars) (In percent) (In percent) (In years) (In percent) Concessional debt / 25 4/ 7 4/ 58 4/ 54 4/ IDA 5/ AsDB Soft Window AfDF IDB Soft Window Arab Fund for Economic and Social Development International Fund for Agricultural Development European Development Fund Islamic Development Bank OPEC Fund Other IMF (SAF/ESAF/PRGF/Trust Fund) Mean Median / Weighted by new commitments in reference year. 2/ For the purpose of calculating the grant element, loans are assumed to be repaid in equal semiannual installments of principal, and the grace period is defined as the interval to first repayment minus one payment period, or one semester, in this case. 3/ Commercial interest reference rates. For the World Bank and the main regional development banks (AfDB/AfDF, AsDB and IDB), the CIRR-based discount rate is derived from the average CIRRs in February-August 1999, weighted for the top five currencies in which the outstanding loans are repayable. For the other institutions, average CIRRs in 1999 for either the U.S. dollar, ECU/Euro, or SDR are used. For loans with an original maturity of 15 years or more, CIRRs averaged over the period are used. A margin reflecting longer repayment periods was added (0.75 percentage points for repayment period of less than 15 years, 1.0 percentage points for years, 1.15 percentage points for years, and 1.25 percentage points for over 30 years). 4/ Excluding IMF. 5/ IDA credits have maturities of 35 and 40 years with a 10-year grace period on repayment of principal. There is no interest charge, but credits do carry a small service charge, currently 0.75 percent on disbursed balances. Source: "Official Financing for Developing Countries", IMF, 2001, with IMF staff updates.

Global Monitoring Report: Findings on Progress since Monterrey

Global Monitoring Report: Findings on Progress since Monterrey Global Monitoring Report: Findings on Progress since Monterrey Governance, institutions, and capacity A number of developing regions have made considerable progress toward regulatory reform, but Sub-Saharan

More information

Development Assistance for HealTH

Development Assistance for HealTH Chapter : Development Assistance for HealTH The foremost goal of this research is to estimate the total volume of health assistance from 199 to 7. In this chapter, we present our estimates of total health

More information

ODA and ODA Loans at a Glance

ODA and ODA Loans at a Glance ODA and ODA Loans at a Glance This chapter provides essential information on Japan s official development assistance (ODA) and ODA loans. What is ODA? Official development assistance (ODA) is the assistance

More information

DEVELOPMENT AID AT A GLANCE

DEVELOPMENT AID AT A GLANCE DEVELOPMENT AID AT A GLANCE STATISTICS BY REGION 5. EUROPE 6 edition 5.. ODA TO EUROPE - SUMMARY 5... Top ODA receipts by recipient USD million, net disbursements in 5... Trends in ODA Turkey % Ukraine

More information

Q&A of ODA and ODA Loans. This chapter provides essential information on Japan s official development assistance (ODA) and ODA loans.

Q&A of ODA and ODA Loans. This chapter provides essential information on Japan s official development assistance (ODA) and ODA loans. 5 Q&A of ODA and ODA Loans This chapter provides essential information on Japan s official development assistance (ODA) and ODA loans. 1. Japan s ODA Q.What is ODA? A. ODA is the assistance to developing

More information

Goal 8: Develop a Global Partnership for Development

Goal 8: Develop a Global Partnership for Development 112 Goal 8: Develop a Global Partnership for Development Snapshots In 21, the net flow of official development assistance (ODA) to developing economies amounted to $128.5 billion which is equivalent to.32%

More information

2014 September. Trends in donor spending on gender in development. Introduction.

2014 September. Trends in donor spending on gender in development. Introduction. Trends in donor spending on gender in development Briefing 214 September www.devinit.org Development Initiatives exists to end absolute poverty by 23 Top findings There is a widening gap in reporting on

More information

IDA13. Further Options for IDA13 Grant Financing

IDA13. Further Options for IDA13 Grant Financing IDA13 Further Options for IDA13 Grant Financing International Development Association January 2004 1. During the IDA13 Mid-Term Review discussions on November 4-5, 2003, Deputies considered several approaches

More information

Health Financing: Unpacking Trends in ODA for Health CROSS-EUROPEAN ANALYSIS

Health Financing: Unpacking Trends in ODA for Health CROSS-EUROPEAN ANALYSIS Health Financing: Unpacking Trends in ODA for Health CROSS-EUROPEAN ANALYSIS BRIEFING PAPER JUNE 2015 Health Financing: Unpacking Trends in ODA for Health CROSS-EUROPEAN ANALYSIS 2 Introduction In the

More information

Update on Multilateral Debt Relief Initiative (MDRI) and Grant Compensation

Update on Multilateral Debt Relief Initiative (MDRI) and Grant Compensation Update on Multilateral Debt Relief Initiative (MDRI) and Grant Compensation Discussion Paper ADF-11 Replenishment: Third Consultation September 2007 Bamako, Mali AFRICAN DEVELOPMENT FUND Executive Summary

More information

EXTERNAL ASSISTANCE TO AGRICULTURE ( )

EXTERNAL ASSISTANCE TO AGRICULTURE ( ) EXTERNAL ASSISTANCE TO AGRICULTURE (1974 2008) FAO Statistics Division Food and Agriculture Organization of the United Nations Rome July 2011 i The FAO database on External Assistance to Agriculture (EAA)

More information

The Paris Club and International Debt Relief

The Paris Club and International Debt Relief Martin A. Weiss Analyst in International Trade and Finance December 11, 2013 CRS Report for Congress Prepared for Members and Committees of Congress Congressional Research Service 7-5700 www.crs.gov RS21482

More information

Japan s ODA and JICA. Chapter 1 Japan s ODA and an Overview of JICA Programs

Japan s ODA and JICA. Chapter 1 Japan s ODA and an Overview of JICA Programs Chapter 1 Japan s ODA and an Overview of JICA Programs Livestock farmers attending a lecture by a repatriate participant of JICA training programs held in Japan (Livestock husbandry training in Northern

More information

CRS Report for Congress

CRS Report for Congress CRS Report for Congress Received through the CRS Web Order Code RS22032 Updated May 23, 2005 Foreign Aid: Understanding Data Used to Compare Donors Summary Larry Nowels Specialist in Foreign Affairs Foreign

More information

Compendium of members recent efforts to support countries most in need

Compendium of members recent efforts to support countries most in need Compendium of members recent efforts to support countries most in need Recognising members specific circumstances and the diversity of their individual incentive frameworks, this compendium presents individual

More information

Income threshold, PPP$ a day $ billion

Income threshold, PPP$ a day $ billion Highlights Ending poverty by 23 Extreme poverty can be ended by 23. The UN Secretary- General s High-Level Panel and subsequent reports have all called for eradicating extreme poverty from the face of

More information

Chapter 2. Non-core funding of multilaterals

Chapter 2. Non-core funding of multilaterals 2. NON-CORE FUNDING OF MULTILATERALS 45 Chapter 2 Non-core funding of multilaterals This chapter concludes that non-core funding can contribute to a wide range of complementary activities, although they

More information

Targeting aid to reach the poorest people: LDC aid trends and targets

Targeting aid to reach the poorest people: LDC aid trends and targets Targeting aid to reach the poorest people: LDC aid trends and targets Briefing 2015 April Development Initiatives exists to end extreme poverty by 2030 www.devinit.org Focusing aid on the poorest people

More information

Climate change and development are intrinsically linked

Climate change and development are intrinsically linked Climate-related development finance in 2013 Improving the statistical picture External development finance plays a key role to support developing countries in their transition to a low-carbon, climate-resilient

More information

BRITISH EXPORTERS ASSOCIATION

BRITISH EXPORTERS ASSOCIATION BRITISH EXPORTERS ASSOCIATION Broadway House, Tothill Street, London SW1H 9NQ Tel.: 020 7222 5419 FAX: 020 7799 2468 email: hughbailey@bexa.co.uk www.bexa.co.uk 9 th October 2015 Overview of BExA Concessional

More information

AS A SHARE OF THE ECONOMY AND THE BUDGET, U.S. DEVELOPMENT AND HUMANITARIAN AID WOULD DROP TO POST-WWII LOWS IN 2002.

AS A SHARE OF THE ECONOMY AND THE BUDGET, U.S. DEVELOPMENT AND HUMANITARIAN AID WOULD DROP TO POST-WWII LOWS IN 2002. 820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org http://www.cbpp.org June 18, 2001 AS A SHARE OF THE ECONOMY AND THE BUDGET, U.S. DEVELOPMENT AND

More information

April aid spending by DAC donors in factsheet

April aid spending by DAC donors in factsheet April 2018 aid spending by DAC donors in 2017 factsheet In this factsheet we provide an overview of key trends in official development assistance (ODA) emerging from the April 2017 Organisation for Economic

More information

WIDER Development Conference September 2018: Aid Policy Continuity or Change? Richard Manning

WIDER Development Conference September 2018: Aid Policy Continuity or Change? Richard Manning WIDER Development Conference 13-15 September 2018: Aid Policy Continuity or Change? Richard Manning Total ODA USD billion (2016 prices and exchange rates) (Source OECD) ODA as percentage of GNI 1960 1961

More information

Climate change and development are intrinsically linked

Climate change and development are intrinsically linked Climate-related development finance in 2013 Improving the statistical picture Update June 2015* External development finance plays a key role to support developing countries in their transition to a low-carbon,

More information

AID TARGETS SLIPPING OUT OF REACH?

AID TARGETS SLIPPING OUT OF REACH? AID TARGETS SLIPPING OUT OF REACH? www.oecd.org/dac/stats AID TARGETS SLIPPING OUT OF REACH? Overview Aid continued to increase in 2007, once exceptional debt relief is excluded from the figures. But the

More information

IFS Green Budget 2018 How the UK spends its aid budget. Ross Warwick, Institute for Fiscal Studies

IFS Green Budget 2018 How the UK spends its aid budget. Ross Warwick, Institute for Fiscal Studies IFS Green Budget 2018 Ross Warwick, Institute for Fiscal Studies @TheIFS #IFSGreenBudget 1960 1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 billion,

More information

Council conclusions on "First Annual Report to the European Council on EU Development Aid Targets"

Council conclusions on First Annual Report to the European Council on EU Development Aid Targets COUNCIL OF THE EUROPEAN UNION Council conclusions on "First Annual Report to the European Council on EU Development Aid Targets" 3091st FOREIGN AFFAIRS Council meeting Brussels, 23 May 2011 The Council

More information

3Chapter 3 Japan s ODA and an Overview of JICA Programs

3Chapter 3 Japan s ODA and an Overview of JICA Programs 3Chapter 3 Japan s ODA and an Overview of JICA Programs Japan s ODA and JICA Outline of Japan s ODA A variety of organizations and groups, including governments as well as international organizations,

More information

THE IMF: INSTRUMENTS AND STRATEGIES. Lecture 5 LIUC 2009 ORIGINS OF THE IMF

THE IMF: INSTRUMENTS AND STRATEGIES. Lecture 5 LIUC 2009 ORIGINS OF THE IMF THE IMF: INSTRUMENTS AND STRATEGIES Lecture 5 LIUC 2009 1 WHAT IS THE INTERNATIONAL MONETARY FUND? The IMF is an international cooperative financial institution. Each member deposits a sum of money into

More information

BALANCE OF PAYMENTS WORKING GROUP

BALANCE OF PAYMENTS WORKING GROUP EUROPEAN COMMISSION EUROSTAT Directorate C: National accounts; prices and key indicators Unit C-2: Section Balance of Payments 24 October 2012 BP/12/51 BALANCE OF PAYMENTS WORKING GROUP 27-28 NOVEMBER

More information

Measuring Aid to Health

Measuring Aid to Health Measuring Aid to Health Statistics presented in this note relate to Official Development Assistance (ODA) for health, population programmes and reproductive health (hereafter referred to as aid to health)

More information

SEVENTH GEF REPLENISHMENT: OVERVIEW OF FINANCIAL STRUCTURE (PREPARED BY THE TRUSTEE)

SEVENTH GEF REPLENISHMENT: OVERVIEW OF FINANCIAL STRUCTURE (PREPARED BY THE TRUSTEE) First Meeting for the Seventh Replenishment of the GEF Trust Fund March 28-30, 2017 Paris, France GEF/R.7/04/Rev.01 March 7, 2017 SEVENTH GEF REPLENISHMENT: OVERVIEW OF FINANCIAL STRUCTURE (PREPARED BY

More information

CRS-2 present their assessment of the debtor country s economic situation to the Paris Club. To date, the Paris Club has reached 405 agreements with 8

CRS-2 present their assessment of the debtor country s economic situation to the Paris Club. To date, the Paris Club has reached 405 agreements with 8 Order Code RS21482 Updated January 29, 2008 The Paris Club and International Debt Relief Summary Martin A. Weiss Analyst in International Trade and Finance Foreign Affairs, Defense, and Trade Division

More information

MDG Gap Task Force Report 2010 a preview

MDG Gap Task Force Report 2010 a preview MDG Gap Task Force Report 2010 a preview Rob Vos Director Development Policy Analysis Division UN-DESA 18 March 2010, New York The Task Force Methodology Background Matrix of Global Commitments Additional

More information

FINANCING ENERGY PROJECTS IN DEVELOPING COUNTRIES

FINANCING ENERGY PROJECTS IN DEVELOPING COUNTRIES FINANCING ENERGY PROJECTS IN DEVELOPING COUNTRIES HOSSEIN RAZAVI, PHD CONTENTS List of Executive Overviews Summaries Figures Tables Preface Acknowledgments Abbreviations and Acronyms Units and Conversion

More information

Delegations will find in the Annex to this note the above Council Conclusions, which were adopted by the Council on 23 May 2011.

Delegations will find in the Annex to this note the above Council Conclusions, which were adopted by the Council on 23 May 2011. COUNCIL OF THE EUROPEAN UNION Brussels, 23 May 2011 10593/11 DEVGEN 162 FIN 350 ACP 131 PTOM 28 COLAT 17 COASI 92 NOTE From: General Secretariat No. prev. doc.: 10187/11 Subject: Council Conclusions: First

More information

10 th Meeting of the Consultative group

10 th Meeting of the Consultative group 10 th Meeting of the Consultative group May 9 th, 2011 Geneva, Switzerland GFDRR Resource Management & Mobilization By: Saroj Kumar Jha, GFDRR Manager GFDRR is able to help developing countries reduce

More information

Mozambique has emerged from decades of war to become one

Mozambique has emerged from decades of war to become one IDA at Work Mozambique: From Post-Conflict Recovery to High Growth Mozambique has emerged from decades of war to become one of Africa s best-performing economies. One of the poorest countries in the world

More information

IDA15 MULTILATERAL DEBT RELIEF INITIATIVE (MDRI): UPDATE ON DEBT RELIEF BY IDA AND DONOR FINANCING TO DATE

IDA15 MULTILATERAL DEBT RELIEF INITIATIVE (MDRI): UPDATE ON DEBT RELIEF BY IDA AND DONOR FINANCING TO DATE IDA15 MULTILATERAL DEBT RELIEF INITIATIVE (MDRI): UPDATE ON DEBT RELIEF BY IDA AND DONOR FINANCING TO DATE Resource Mobilization (FRM) February 2007 Selected Abbreviations and Acronyms AfDF FRM FY HIPC

More information

2010 DAC REPORT ON MULTILATERAL AID

2010 DAC REPORT ON MULTILATERAL AID 2010 DAC REPORT ON MULTILATERAL AID EXECUTIVE SUMMARY This second DAC Report on Multilateral Aid covers recent trends in multilateral aid and total use (core and non-core) of the multilateral system, with

More information

Briefing note about EU Climate Finance

Briefing note about EU Climate Finance Briefing note about EU Climate Finance 11 December 2017 Jonas Appelt and Hans Peter Dejgaard INKA Consult List of content: Overall Findings and Conclusions:... 1 1. Introduction... 2 2. Climate Finance

More information

Learning Goal. To develop an understanding of the Millennium Development Goal targets

Learning Goal. To develop an understanding of the Millennium Development Goal targets Learning Goal To develop an understanding of the Millennium Development Goal targets APK - Activity If you were to set up goals for the world to improve conditions for the world s people, what goals would

More information

BOARDS OF GOVERNORS 2000 ANNUAL MEETINGS PRAGUE, CZECH REPUBLIC

BOARDS OF GOVERNORS 2000 ANNUAL MEETINGS PRAGUE, CZECH REPUBLIC BOARDS OF GOVERNORS 2000 ANNUAL MEETINGS PRAGUE, CZECH REPUBLIC INTERNATIONAL MONETARY FUND WORLD BANK GROUP INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL

More information

Goal 8. Develop a global partnership for development. Aid continues to rise despite the financial crisis, but Africa is short-changed

Goal 8. Develop a global partnership for development. Aid continues to rise despite the financial crisis, but Africa is short-changed UNITED NATIONS Goal 8 Develop a global partnership for development Aid continues to rise despite the financial crisis, but Africa is short-changed Official development assistance (ODA) from developed countries,

More information

MDG 8: Develop a Global Partnership for Development

MDG 8: Develop a Global Partnership for Development 124 Key Indicators for Asia and the Pacific 2014 MDG 8: Develop a Global Partnership for Development Millennium Development Goal (MDG) 8 has six targets. The first three are the focus of this section.

More information

Population living on less than $1 a day

Population living on less than $1 a day Partners in Transforming Development: New Approaches to Developing Country-Owned Poverty Reduction Strategies An Emerging Global Consensus A turn-of-the-century review of the fight against poverty reveals

More information

METHODS ANNEX. Section 1: Development assistance for health. Section 2: Country spending on health

METHODS ANNEX. Section 1: Development assistance for health. Section 2: Country spending on health METHODS ANNEX Section 1: Development assistance for health FIGURES 1.1 Commitments and disbursements by bilateral agencies 1.2 Disbursement schedules for the 23 DAC member countries 1.3 Commitments and

More information

CHANGING THE LIVES OF AFRICA S MOST VULNERABLE PEOPLE

CHANGING THE LIVES OF AFRICA S MOST VULNERABLE PEOPLE CHANGING THE LIVES OF AFRICA S MOST VULNERABLE PEOPLE Who we are Established in 1972 and operational in 1974, the African Development Fund (ADF) is a multilateral source of concessional assistance dedicated

More information

THE IMF: INSTRUMENTS AND STRATEGIES. Lecture 4 LIUC 2008

THE IMF: INSTRUMENTS AND STRATEGIES. Lecture 4 LIUC 2008 THE IMF: INSTRUMENTS AND STRATEGIES Lecture 4 LIUC 2008 WHAT IS THE INTERNATIONAL MONETARY FUND? The IMF is an international cooperative financial institution. Each member deposits a sum of money into

More information

Official development assistance (ODA)

Official development assistance (ODA) Development Initiatives: Data & Guides Official development assistance (ODA) October 2012 Development finance institutions Portfolio equity ODA Other official flows NGOs South South cooperation Remittances

More information

The Sustainable Development Goals

The Sustainable Development Goals The Sustainable Development Goals Reality & Prospects Mahmoud Mohieldin, Senior Vice President World Bank Group Mahmoud Mohieldin March 13 th, 2017 Global Context Global Economy GDP Growth (Percent) 5

More information

International Monetary and Financial Committee

International Monetary and Financial Committee International Monetary and Financial Committee Thirteenth Meeting April 22, 2006 Statement by H.E. Eero Heinäluoma Minister of Finance, Finland On behalf of Denmark, Estonia, Finland, Iceland, Latvia,

More information

ADF-14 s Financing Framework II. Discussion Paper. ADF-14 Second Replenishment Meeting. 30 June -1 July, 2016 Abidjan, Côte d Ivoire

ADF-14 s Financing Framework II. Discussion Paper. ADF-14 Second Replenishment Meeting. 30 June -1 July, 2016 Abidjan, Côte d Ivoire ADF-14 s Financing Framework II Discussion Paper ADF-14 Second Replenishment Meeting 30 June -1 July, 2016 Abidjan, Côte d Ivoire AFRICAN DEVELOPMENT FUND 1 Executive Summary 1.1. During the first ADF-14

More information

INTERNATIONAL DEVELOPMENT ASSOCIATION BOARD OF GOVERNORS. Resolution No. 211

INTERNATIONAL DEVELOPMENT ASSOCIATION BOARD OF GOVERNORS. Resolution No. 211 Public Disclosure Authorized INTERNATIONAL DEVELOPMENT ASSOCIATION BOARD OF GOVERNORS Resolution No. 211 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized WHEREAS:

More information

Resolution adopted by the General Assembly. [on the report of the Second Committee (A/67/435/Add.3)]

Resolution adopted by the General Assembly. [on the report of the Second Committee (A/67/435/Add.3)] United Nations General Assembly Distr.: General 12 February 2013 Sixty-seventh session Agenda item 18 (c) Resolution adopted by the General Assembly [on the report of the Second Committee (A/67/435/Add.3)]

More information

Overview of Financial Intermediary Funds

Overview of Financial Intermediary Funds CHAPTER 4 Overview of Financial Intermediary Funds 4.1 Introduction 157 4.2 Examples of Financial Intermediary Funds 157 4.3 The World Bank s Role in Financial Intermediary Funds 160 4.4 Characteristics

More information

Recommendation of the Council on Tax Avoidance and Evasion

Recommendation of the Council on Tax Avoidance and Evasion Recommendation of the Council on Tax Avoidance and Evasion OECD Legal Instruments This document is published under the responsibility of the Secretary-General of the OECD. It reproduces an OECD Legal Instrument

More information

Global ODA Trends. Topics

Global ODA Trends. Topics Global ODA Trends In "Transforming our world: the 2030 agenda for sustainable development," adopted by the UN General Assembly in September 2015, "ODA providers reaffirm their respective commitments, including

More information

Status of IFI Participation as of July 2008

Status of IFI Participation as of July 2008 International Financial Institutions (IFI) Formal Agreement to Participate reached Relevant HIPCs Provision of Interim relief World Bank Yes Yes Afghanistan,Benin, Three instruments used to provide HIPC

More information

Bilateral and Multilateral Aid: Donor Motivations and Growth and Development Benefits

Bilateral and Multilateral Aid: Donor Motivations and Growth and Development Benefits Bilateral and Multilateral Aid: Donor Motivations and Growth and Development Benefits Clement S. Henry Ph.D. Candidate International Relations University of the West Indies Presented at the LIRDS/University

More information

METHODS ANNEX. Section 1: Development Assistance for Health. Section 2: Country spending on health

METHODS ANNEX. Section 1: Development Assistance for Health. Section 2: Country spending on health METHODS ANNEX Section 1: Development Assistance for Health FIGURES 1.1 Commitments and disbursements by bilateral agencies 1.2 Disbursement schedules for the 23 DAC member countries 1.3 Commitments and

More information

UNDP JPO Service Centre. News and Activity Bulletin

UNDP JPO Service Centre. News and Activity Bulletin UNDP JPO Service Centre News and Activity Bulletin Second Quarter 2011 UNDP JPO Service Centre - www.jposc.org 1 Contents News from the UNDP JPO Service Centre... 3 2010 Client Satisfaction Survey... 3

More information

2011 ODA in $ at 2010 prices and rates ODA US$ million (current) %Change 2011/2010 at 2010 prices and exchange

2011 ODA in $ at 2010 prices and rates ODA US$ million (current) %Change 2011/2010 at 2010 prices and exchange Net 2011 1 net %GNI 2010 2 net %GNI 2011 US$ million current 2011 in $ at 2010 prices and exchange rates 2010 3 US$ million (current) %Change 2011/2010 at 2010 prices and exchange rates Aid per Citizen

More information

Appendix G - International Reconstruction Fund Facility for Iraq

Appendix G - International Reconstruction Fund Facility for Iraq G - International Reconstruction Fund Facility for Iraq This appendix outlines the International Reconstruction Fund Facility for Iraq (IRFFI). G-1 International Reconstruction Fund Facility for Iraq (IRFFI)

More information

The Economics of Public Health Care Reform in Advanced and Emerging Economies

The Economics of Public Health Care Reform in Advanced and Emerging Economies The Economics of Public Health Care Reform in Advanced and Emerging Economies Benedict Clements Fiscal Affairs Department, IMF November 2012 This presentation represents the views of the author and should

More information

Living Standards. Why can t I have what he s got?

Living Standards. Why can t I have what he s got? Living Standards Why can t I have what he s got? OR Is it possible for everyone to have the same standard of living (in a country and around the world)? Standard of Living standard of living refers to

More information

Demographic reality forces European countries to introduce individually funded pension systems

Demographic reality forces European countries to introduce individually funded pension systems PENSION NOTES No. 31 - November 2018 Demographic reality forces European countries to introduce individually funded pension systems Executive Summary Reality is inevitable: the countries with PAYGO pension

More information

OECD Report Shows Tax Burdens Falling in Many OECD Countries

OECD Report Shows Tax Burdens Falling in Many OECD Countries OECD Centres Germany Berlin (49-30) 288 8353 Japan Tokyo (81-3) 5532-0021 Mexico Mexico (52-55) 5281 3810 United States Washington (1-202) 785 6323 AUSTRALIA AUSTRIA BELGIUM CANADA CZECH REPUBLIC DENMARK

More information

PORTUGAL E O CAMINHO PARA O FUTURO: A BANCA E O SEU PAPEL

PORTUGAL E O CAMINHO PARA O FUTURO: A BANCA E O SEU PAPEL XV CONFERÊNCIA A CRISE EUROPEIA E AS REFORMAS NECESSÁRIAS PORTUGAL E O CAMINHO PARA O FUTURO: A BANCA E O SEU PAPEL FERNANDO FARIA DE OLIVEIRA AGENDA European Context: From the Actual Crisis to Growth

More information

Debt Relief for Poor Countries Robert Powell

Debt Relief for Poor Countries Robert Powell Page 1 of 8 A quarterly magazine of the IMF December 2000, Volume 37, Number 4 Debt Relief for Poor Countries Robert Powell Search Finance & Development Efforts to lighten the debt burden of poor countries

More information

Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days

Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars Total turnover Number of business days Average daily turnover change 1983 103.2 20 5.2 1986 191.2 20 9.6 84.6 1989 299.9

More information

Resolution adopted by the General Assembly. [on the report of the Second Committee (A/66/438/Add.3)]

Resolution adopted by the General Assembly. [on the report of the Second Committee (A/66/438/Add.3)] United Nations A/RES/66/189 General Assembly Distr.: General 14 February 2012 Sixty-sixth session Agenda item 17 (c) Resolution adopted by the General Assembly [on the report of the Second Committee (A/66/438/Add.3)]

More information

Seventeenth Meeting April 12, 2008

Seventeenth Meeting April 12, 2008 International Monetary and Financial Committee Seventeenth Meeting April 12, 2008 Statement by Anders Borg Minister of Finance, Sweden On behalf of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,

More information

FROM BILLIONS TO TRILLIONS:

FROM BILLIONS TO TRILLIONS: 98023 FROM BILLIONS TO TRILLIONS: MDB Contributions to Financing for Development In 2015, the international community is due to agree on a new set of comprehensive and universal sustainable development

More information

2015 Country Brief for Mozambique

2015 Country Brief for Mozambique 2015 Country Brief for Mozambique Prepared by UNDP Economic and Policy Advisory Team in Mozambique October 2015 Contacts: luca.monge.roffarello@undp.org Country Case: Mozambique The present country brief

More information

INTERNATIONAL MONETARY FUND REPUBLIC OF YEMEN. External Debt Sustainability Analysis. Prepared jointly by the staffs of the IMF and the World Bank 1

INTERNATIONAL MONETARY FUND REPUBLIC OF YEMEN. External Debt Sustainability Analysis. Prepared jointly by the staffs of the IMF and the World Bank 1 INTERNATIONAL MONETARY FUND REPUBLIC OF YEMEN External Debt Sustainability Analysis Prepared jointly by the staffs of the IMF and the World Bank 1 June 28, 2000 I. INTRODUCTION 1. The debt sustainability

More information

Voice and Governance Reform in the BWIs An Update. Amar Bhattacharya G24 Secretariat May 26, 2010

Voice and Governance Reform in the BWIs An Update. Amar Bhattacharya G24 Secretariat May 26, 2010 Voice and Governance Reform in the BWIs An Update Amar Bhattacharya G24 Secretariat May 26, 2010 Total Votes for Developed and Developing Countries in Shares 70 60 50 40 30 20 10 0 IMF IBRD AsDB IADB Developed

More information

Monitoring the progress of graduated countries Cape Verde

Monitoring the progress of graduated countries Cape Verde CDP/RM Committee for Development Policy Expert Group Meeting Review of the list of Least Developed Countries New York, 16-17 January 2011 Monitoring the progress of graduated countries Cape Verde Background

More information

INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION UGANDA

INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION UGANDA INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION UGANDA Initiative for Heavily Indebted Poor Countries Second Completion Point Document Prepared by the Staffs of the IMF and IDA

More information

The Global Financial Crisis and the Return of the Nordic Model?

The Global Financial Crisis and the Return of the Nordic Model? The Global Financial Crisis and the Return of the Nordic Model? Lars Calmfors Embassy of Denmark and the Swedish Institute of International Affairs 18 November Topics 1. The global economic crisis 2. Globalisation

More information

Corrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012

Corrigendum. OECD Pensions Outlook 2012 DOI:   ISBN (print) ISBN (PDF) OECD 2012 OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment

More information

Foreign Assistance Agency Brief US Department of Treasury

Foreign Assistance Agency Brief US Department of Treasury Foreign Assistance Agency Brief US Department of Treasury Overview Treasury s Office of International Affairs works with other federal agencies, foreign governments, and international financial institutions

More information

8959/18 YML/ik 1 DG C 1B

8959/18 YML/ik 1 DG C 1B Council of the European Union Brussels, 22 May 2018 (OR. en) 8959/18 OUTCOME OF PROCEEDINGS From: On: 22 May 2018 To: General Secretariat of the Council Delegations No. prev. doc.: 8551/18 Subject: DEVGEN

More information

INTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND. Heavily Indebted Poor Countries (HIPC) Initiative: Status of Implementation

INTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND. Heavily Indebted Poor Countries (HIPC) Initiative: Status of Implementation Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized INTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND Heavily Indebted

More information

UNDP JPO Service Centre. News and Activity Bulletin

UNDP JPO Service Centre. News and Activity Bulletin UNDP JPO Service Centre News and Activity Bulletin First Quarter 2011 UNDP JPO Service Centre - www.jposc.org 1 Contents News from the UNDP JPO Service Centre... 3 Welcome... 3 News from the Team... 3

More information

International Monetary Fund Washington, D.C.

International Monetary Fund Washington, D.C. 2004 International Monetary Fund March 2004 Revised: April 2004 IMF Country Report No. 04/72 Nicaragua: Enhanced Initiative for Heavily Indebted Poor Countries Completion Point Document This paper was

More information

Koos Richelle Director General of EuropeAid

Koos Richelle Director General of EuropeAid Aid Effectiveness: How Well is EU Aid Spent? Washington, 16 May 2008 Koos Richelle Director General of 1 Summary 1. European Commission aid over the years 2. Towards more effective aid 3. Towards faster,

More information

Statement by the IMF Managing Director on The Role of the Fund in Low-Income Countries October 2, 2008

Statement by the IMF Managing Director on The Role of the Fund in Low-Income Countries October 2, 2008 Statement by the IMF Managing Director on The Role of the Fund in Low-Income Countries October 2, 2008 1. Progress in recent years but challenges remain. In my first year as Managing Director, I have been

More information

Development Issues and ODA in the World Vol. 2

Development Issues and ODA in the World Vol. 2 Development Issues and ODA in the World Vol. 2 November 155 & 16, 2007 Shunji Matsuoka,, Ph. D Professor at Graduate School of Asia Pacific Studies (GSAPS), Waseda University,, Tokyo, Japan 1 Contents

More information

9. Aid Flows and Donor Coordination

9. Aid Flows and Donor Coordination 9. Aid Flows and Donor Coordination Highlights The share of overall ODA flows in IDA-only countries has changed in favor of fragile and conflictedaffected states, however, the share of IDA flows to FCS

More information

IFC Trust Funds Trust Fund Annual Report. Overall Trends. its standard-setting, and its work to promote a business-enabling environment.

IFC Trust Funds Trust Fund Annual Report. Overall Trends. its standard-setting, and its work to promote a business-enabling environment. 4 IFC Trust Funds Overall Trends The resources needed to alleviate poverty and advance development are too vast for governments to provide on their own, so a major part of the domestic and international

More information

EDF SEMINAR - PRAGUE

EDF SEMINAR - PRAGUE THE INVESTMENT FACILITY AND THE EU-AFRICA INFRASTRUCTURE TRUST FUND MANAGED BY THE EUROPEAN INVESTMENT BANK EDF SEMINAR - PRAGUE Luis Baptista (ACP / IF Department) Prague, 27th April 2010 European Investment

More information

TREATY SERIES 2015 Nº 5

TREATY SERIES 2015 Nº 5 TREATY SERIES 2015 Nº 5 Internal Agreement between the representatives of the Governments of the Member States of the European Union, meeting within the Council, on the Financing of European Union Aid

More information

UNDP JPO Service Centre. News and Activity Bulletin

UNDP JPO Service Centre. News and Activity Bulletin United Nations Development Programme UNDP JPO Service Centre News and Activity Bulletin Fourth Quarter UNDP JPO Service Centre - www.jposc.org Contents News from the UNDP JPO Service Centre... From the

More information

The Canadian Government, the World Bank and the International Monetary Fund:

The Canadian Government, the World Bank and the International Monetary Fund: The Canadian Government, the World Bank and the International Monetary Fund: A REPORT CARD on FINANCE CANADA S 2006 ANNUAL REPORT to PARLIAMENT Every year at the end of March, i the Minister of Finance

More information

Corporate taxes and intellectual property

Corporate taxes and intellectual property Corporate taxes and intellectual property Rachel Griffith and Helen Miller Corporate tax reform Corporate Tax Reform: Delivering a More Competitive System HM Treasury (Nov 2010) competitive stable provide

More information

The Multilateral Fund Governance, Business Model, Access and Resulting Overall Achievements

The Multilateral Fund Governance, Business Model, Access and Resulting Overall Achievements The Multilateral Fund Governance, Business Model, Access and Resulting Overall Achievements Presentation to the Workshop for the Transitional Committee of the Green Climate Fund by Andrew Reed Multilateral

More information

The Socialist Federal Republic of Yugoslavia takes part in some of the work of the OECD (agreement of 28th October 1961).

The Socialist Federal Republic of Yugoslavia takes part in some of the work of the OECD (agreement of 28th October 1961). I 1 Pursuant to article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Co-operation and Development (OECD) shall

More information

INTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND RWANDA. Joint IMF/World Bank Debt Sustainability Analysis

INTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND RWANDA. Joint IMF/World Bank Debt Sustainability Analysis INTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND RWANDA Joint IMF/World Bank Debt Sustainability Analysis Prepared by the Staffs of the International Monetary Fund and the International

More information

Hamid Rashid, Ph.D. Chief Global Economic Monitoring Unit Development Policy Analysis Division UNDESA, New York

Hamid Rashid, Ph.D. Chief Global Economic Monitoring Unit Development Policy Analysis Division UNDESA, New York Hamid Rashid, Ph.D. Chief Global Economic Monitoring Unit Development Policy Analysis Division UNDESA, New York 1 Global macroeconomic trends Major headwinds Risks and uncertainties Policy questions and

More information